Manakto Bankruptcy Lawyer & Attorney
Chris Carpenter
Herbert Kroon
- Chapter 7
- Chapter 13
Are you unable to keep up with your debts and bills? If so, bankruptcy may provide relief and peace of mind. Bankruptcy can stop creditor harassment, collection actions, and even garnishment. Often people who file bankruptcy do not lose any property. In most cases, debt not backed up by collateral is discharged. This means you have no further legal obligation to pay those debts. For debts that are secured by collateral (like a vehicle, for instance), you generally get to choose whether to continue making payments or to give up the asset. There are certain types of debts that cannot be discharged – we can sort that out for you.
Questions & Answers
Q: My husband and I have accumulated a lot of credit card debt and medical debt over the past five years. We simply can’t pay it off. We earn more than $100,000 per year. Can we still qualify for a bankruptcy?
A: Yes, you can still qualify. Depending on the number of people in your household and your reasonable expenses, you might be able to file a Chapter 7 bankruptcy in which your medical debt and credit card debts are discharged. If you don’t qualify for a Chapter 7, you can file a Chapter 13 bankruptcy. In a Chapter 13, you enter into a plan to pay off some or all of your debts over a period of time, usually either three or five years. Contact our office to figure out what route is the best for you.
Q: I am planning to file bankruptcy but I am worried about whether my employer will find out. Will my employer be notified if I file bankruptcy?
A: Usually, an employer does not have any reason to be notified of a bankruptcy filing. If your employer is also your creditor, however, then your employer will be notified. The fact that your employer is not notified does not mean your employer will not find out. Filing bankruptcy is a public matter, so if your employer wants to look into whether you filed bankruptcy, your employer will likely find out.